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¿Resuelve la integración financiera el problema de agencia?: El caso de los grupos económicos chilenos

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Listed:
  • Ricardo Paredes
  • Ana María Caller

Abstract

En este trabajo se analiza si la integración financiero-productiva que presentan los grupos económicos en Chile, contribuye a disminuir el costo de agencia de la deuda. Para ello se extiende el modelo de Prowse (1988), usado para los Estados Unidos y Japón, y se aplica al caso chileno. La principal conclusión del trabajo es que si bien los costos de agencia afectan en el sentido esperado la estructura de capital de la firma, éstos no son menores para grupos que para empresas independientes. La explicación más plausible para este hallazgo, radica en la estructura de propiedad más concentrada en las firmas productivas que en los bancos y en el seguro estatal implícito a los depósitos que se ha ido gastando como consecuencia de la histórica intervención del Estado en el sistema financiero.

Suggested Citation

  • Ricardo Paredes & Ana María Caller, 1992. "¿Resuelve la integración financiera el problema de agencia?: El caso de los grupos económicos chilenos," Estudios de Economia, University of Chile, Department of Economics, vol. 19(2 Year 19), pages 217-239, December.
    • Handle: RePEc:udc:esteco:v:19:y:1992:i:2:p:217-239
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    References listed on IDEAS

    as
    1. Smith, Clifford Jr. & Warner, Jerold B., 1979. "On financial contracting : An analysis of bond covenants," Journal of Financial Economics, Elsevier, vol. 7(2), pages 117-161, June.
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